Purchase A Home With A Smaller Down Payment

Now more than ever banks are requiring large down payments, many loan programs require 10-20% down, putting home ownership out of reach for many prospective home buyers. A Section 184 Native American Loan is perfect for home buyers because the borrower can finance 97.75% of the home’s purchase price and buy that home with a small down payment of only 2.25%.

Save Hundreds of Dollars Every Single Month

Because the loan is a benefit to members of a federally recognized tribe, a Section 184 Native American Loan has monthly mortgage insurance that is less when compared to other programs. Interest rates for Section 184 Native American Loans typically match conventional loans or can be lower in many situations. These two advantages add up to significant monthly savings.

Higher Loan Amounts Allow You to Borrow More

With a maximum loan amount of $420,680, you will have access to a broad range of homes using the Section 184 Native American Loan. Keep in mind that not every applicant will qualify for the maximum Section 184 Native American Mortgage loan amount. The most you can borrow will depend on other factors, like your credit score, debt-to-income ratio, and down payment amount.

It’s Easier to Qualify for a for Section 184 Native American Loan

It’s no secret, getting approved for a conventional home loan these days can be very difficult, particularly for young families and first time home buyers. Because the government backs the Section 184 Native American Loan, the credit and income standards are not as strict making the loan qualification process easier. The advantages are real. A lower monthly payment, easier qualification guidelines and the ability to purchase with a smaller down payment make a Section 184 Native American Loan the best option for members of a federally recognized tribe.